Monday, October 24, 2011

South Loop: One Museum Park West to be foreclosed, bank owned

Photo looking at Museum Park Towers from the north  in South Loop (Eric Rojas, Real Estate Broker)

My associate real estate agents have confirmed today with the 2nd Ward Alderman's office office that One Museum Park West tower (shown in our photo to the left) will be handed over to the bank as of November 1st.  The Museum Park Sales Center is also officially closed. There are many reports last week suggesting the development was close to foreclosure.

I've appreciated the visual the impact the towers have had on Chicago skyline from both north and south. They are not necessarily my choice in design, but they certainly have been something to look at and ponder.  The color and light reflections can be striking at different times of the day. However, the expensive asking prices for the product offered and rapid condo market decline have resulted in this crash course for foreclosure.  

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